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Protect What Matters | Protege lo importante
YOUR CONDO ASSOCIATION MAY INSURE THE BUILDING. BUT WHO PROTECTS WHAT'S YOURS?
YOUR CONDO ASSOCIATION MAY CARRY A MASTER INSURANCE POLICY THAT PROTECTS CERTAIN PARTS OF THE BUILDING AND COMMON AREAS. HOWEVER, THAT POLICY MAY NOT FULLY PROTECT YOUR UNIT, YOUR PERSONAL BELONGINGS, YOUR IMPROVEMENTS, OR YOUR PERSONAL LIABILITY.
THAT IS WHERE CONDO INSURANCE — OFTEN CALLED AN HO-6 POLICY — BECOMES IMPORTANT.
UNDERSTANDING WHERE THE ASSOCIATION'S RESPONSIBILITY ENDS AND YOUR RESPONSIBILITY BEGINS IS AN ESSENTIAL PART OF PROTECTING YOUR CONDO.
WHAT CAN CONDO INSURANCE HELP PROTECT?
COVERAGE VARIES BY INSURANCE COMPANY, POLICY, ASSOCIATION MASTER POLICY, LIMITS, DEDUCTIBLES, ENDORSEMENTS, AND THE TYPE OF LOSS.
A CONDO POLICY MAY PROVIDE PROTECTION FOR:
THE INTERIOR OF YOUR UNIT
DEPENDING ON YOUR POLICY AND THE CONDO ASSOCIATION'S MASTER POLICY, YOUR HO-6 COVERAGE MAY HELP PROTECT CERTAIN INTERIOR PARTS OF YOUR UNIT THAT ARE YOUR INSURANCE RESPONSIBILITY.
THIS CAN INCLUDE COVERED ITEMS SUCH AS INTERIOR WALLS, FLOORING, CABINETS, COUNTERTOPS, BUILT-IN FIXTURES, AND OTHER PERMANENT FEATURES.
KNOWING EXACTLY WHAT THE ASSOCIATION'S MASTER POLICY COVERS IS IMPORTANT BEFORE SELECTING YOUR OWN COVERAGE LIMITS.
PERSONAL PROPERTY
YOUR FURNITURE, CLOTHING, ELECTRONICS, APPLIANCES, DECORATIONS, AND OTHER PERSONAL BELONGINGS CAN REPRESENT THOUSANDS OF DOLLARS IN VALUE.
PERSONAL PROPERTY COVERAGE MAY HELP REPAIR OR REPLACE COVERED BELONGINGS AFTER A COVERED LOSS, SUBJECT TO YOUR POLICY LIMITS, DEDUCTIBLE, CONDITIONS, AND EXCLUSIONS.
CERTAIN HIGH-VALUE ITEMS MAY HAVE SPECIAL LIMITS AND MAY REQUIRE ADDITIONAL COVERAGE.
UPGRADES AND IMPROVEMENTS
HAVE YOU RENOVATED YOUR KITCHEN?
INSTALLED NEW FLOORING?
UPGRADED YOUR BATHROOM?
ADDED CUSTOM CABINETS, COUNTERTOPS, OR OTHER PERMANENT IMPROVEMENTS?
DO NOT AUTOMATICALLY ASSUME THAT EVERY UPGRADE YOU MADE INSIDE YOUR UNIT IS FULLY PROTECTED BY THE ASSOCIATION'S MASTER POLICY.
YOUR RESPONSIBILITY FOR IMPROVEMENTS AND BETTERMENTS SHOULD BE REVIEWED WHEN DETERMINING THE APPROPRIATE CONDO COVERAGE.
PERSONAL LIABILITY
YOUR CONDO INSURANCE IS NOT ONLY ABOUT PROPERTY.
IF SOMEONE IS INJURED AND YOU ARE FOUND LEGALLY RESPONSIBLE, OR IF YOU BECOME LEGALLY RESPONSIBLE FOR CERTAIN DAMAGE TO SOMEONE ELSE'S PROPERTY, PERSONAL LIABILITY COVERAGE MAY HELP PROTECT YOU FROM ELIGIBLE FINANCIAL LOSSES, SUBJECT TO THE TERMS AND LIMITS OF YOUR POLICY.
A LIABILITY CLAIM CAN BECOME MUCH MORE EXPENSIVE THAN THE DAMAGE TO YOUR OWN PROPERTY.
MEDICAL PAYMENTS TO OTHERS
DEPENDING ON YOUR POLICY, COVERAGE MAY BE AVAILABLE FOR CERTAIN MEDICAL EXPENSES WHEN A GUEST IS INJURED AT YOUR RESIDENCE, SUBJECT TO POLICY CONDITIONS AND LIMITS.
DO YOU KNOW WHERE THE ASSOCIATION'S COVERAGE ENDS AND YOURS BEGINS?
THIS IS ONE OF THE MOST IMPORTANT QUESTIONS A CONDO OWNER CAN ASK.
DO NOT WAIT UNTIL A CLAIM OCCURS TO START LOOKING FOR THE ANSWER.
REVIEW:
YOUR CONDO ASSOCIATION'S MASTER INSURANCE POLICY.
YOUR UNIT OWNER INSURANCE POLICY.
YOUR PERSONAL PROPERTY LIMITS.
YOUR INTERIOR UNIT COVERAGE.
YOUR IMPROVEMENTS AND UPGRADES.
YOUR PERSONAL LIABILITY LIMITS.
YOUR LOSS OF USE COVERAGE.
YOUR LOSS ASSESSMENT COVERAGE.
YOUR DEDUCTIBLES.
IMPORTANT EXCLUSIONS AND ENDORSEMENTS.
SOME RISKS MAY REQUIRE SEPARATE OR ADDITIONAL COVERAGE.
A CONDO POLICY DOES NOT COVER EVERY POSSIBLE LOSS.
FOR EXAMPLE, FLOOD DAMAGE IS GENERALLY NOT COVERED BY A STANDARD CONDO POLICY AND MAY REQUIRE SEPARATE FLOOD INSURANCE.
WATER DAMAGE CAN BECOME COMPLICATED IN A CONDO.
A WATER LOSS MAY INVOLVE MORE THAN ONE UNIT AND MORE THAN ONE INSURANCE POLICY.
A LEAK FROM YOUR UNIT COULD AFFECT A NEIGHBOR.
A LOSS FROM ANOTHER UNIT COULD AFFECT YOUR PROPERTY.
A PIPE OR OTHER BUILDING COMPONENT COULD INVOLVE THE ASSOCIATION.
WHO IS RESPONSIBLE AND WHICH POLICY RESPONDS DEPENDS ON THE FACTS OF THE LOSS, THE ASSOCIATION DOCUMENTS, THE MASTER POLICY, AND THE INDIVIDUAL UNIT OWNER'S POLICY.
THIS IS ONE REASON CONDO OWNERS SHOULD NOT ASSUME THE ASSOCIATION'S INSURANCE IS ENOUGH.
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